What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

Name: Solved: What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer.. - MathMaster
Brand: MathMaster
Rating: 4.9 (294 reviews)

294

likes

1470 views

Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

$Expert avatar$

Fred

4.4

118 Answers

Solution: For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right)

P=\frac{3300}{1+\left(0.027\right)\left(23\right)}

P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54 Answer: $2,420.54

Frequently asked questions (FAQs)

What is the period of the trigonometric function y = 3sin(4x) - cos(2x) + tan(5x)?

What is the sum of all numbers between 1 and 100?

Write a math question for the theme "Characteristics of constant function f(x)=c": Find the value of c if the constant function f(x)=c passes through the point (5, 9).

New questions in Mathematics

A sample is chosen from a population with y = 46, and a treatment is then administered to the sample. After treatment, the sample mean is M = 47 with a sample variance of s2 = 16. Based on this information, what is the value of Cohen's d?

A=m/2-t isolate t

2(2+2x)=12

I want to divide R$ 2200.00 between Antônio, Beto and Cássia, so that Beto receives half from Antônio and Cássia receives a third of Beto. Under these conditions, how much more will Beto receive than Cássia?

X^2 = 25

7273736363-8

The function g:Q→Q is a ring homomorphism such that g(3)=3 and g(5)=5. What are the values of g(8) and g(9)?

(2x+5)^3+(x-3)(x+3)

The equation of the circle that passes through (5,3) and is tangent to the abscissa axis at x=2 is a.(x-2)^2 (y 3)^2 = 9 b.(x-2)^2 (y-3)^2 = 9 c.(x-2)^2 (y-3)^2 = 4 d.(x-2)^2 (y 1)^2 = 4 e.(x-2)^2 (y-1)^2 = 4

Pedro had 80% of the amount needed to buy a game. Of this amount, you spent 15% on a watch and therefore, you will need to add another R$640.00 to purchase this game. Is the value of the game?

You mix a powder drug with a 4.5ml of liquid to get a reconstituted solution with a concentration of 250mg/ml. The prescribers order is for 500 mg . You will give what ml of the reconstituted solution